I find Alexander Ineichen’s charts a good way to get a quick review of what is happening around the world. I would call special attention to the chart on page 38, which is Greece by the numbers. It just makes you realize that there will be ever more defaults coming from Greece. They really have no way out other than massive debt repudiation. At the economic “Roundtable” last night there was the almost universal expectation that Greece would have to leave the euro zone within 12 months. And when they do they will not take their debts with them. Merkel is seriously afraid of the contagion, and that is why she is going along with further aid for Greece. And we were told that she is behind the scenes asking the IMF to soft-pedal its latest report.